How to File ITR for Sharekhan?

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Maharshi Shah

Due date
ITR Form
P&L Statement
Sharekhan
Tax Audit
Trading Income

A Sharekhan Trader has to file ITR based on the income they have from trading in equity, mutual funds, or derivatives. Sharekhan provides a Tax P&L Report to all its traders aggregating the trading transactions done during the financial year. Using the Tax P&L Report, the trader can determine which ITR Form to file and also determine the applicability of the Tax Audit. If you are a Sharekhan Trader and looking to file your ITR (Income Tax Return), you can also refer to the detailed process below.

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Have you invested in F&O and Intraday?
Need helping to file your ITR? Don't worry, we can help you!
[Rated 4.8 stars by customers like you]

Tax P&L Statement of Sharekhan Explained

P&L Statement of Sharekhan to File ITR

Therefore, as you can see from your image, your statement provided by the portal is not a consolidated one. Therefore, you have to download the statements for the different segments separately. Given below is the break down of the tabs mentioned from the above statement:

Income Tax on Trading
Read about income tax for Investors and Traders. Learn to about trading turnover, tax audit, tax rates, ITR Form, Due Date, set-off & carry forward loss, advance tax, etc
Read More
Income Tax on Trading
Read about income tax for Investors and Traders. Learn to about trading turnover, tax audit, tax rates, ITR Form, Due Date, set-off & carry forward loss, advance tax, etc
Read More

Which ITR Form is Applicable to Sharekhan?

To file an ITR is an annual process for Sharekhan traders. Based on the income situation, the taxpayer needs to file the prescribed ITR Form. The taxpayer should report incomes, calculate and pay taxes, claim TDS Credits and request refund for the overpayment of taxes while filing their ITR. The income tax department has also notified ITR Forms based on different income situations. To know which ITR Form is applicable to you, you can use the below calculator. 

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
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Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. In the case of Capital Gains Income, file ITR-2 and in case of Business Income, file ITR-3.

Due Date of Filing ITR for Sharekhan

Income Tax Return(ITR) filing is done after the completion of a financial year. Due dates for ITR filing are as per section 139 of the income tax act. Therefore, due dates for different category of taxpayers are as follows:

Category

Due Date

Individuals to whom audit is not applicable

31st July of the Assessment Year

Companies

30th September of the Assessment Year

Individuals to whom audit is applicable

30th September of the Assessment Year

Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit

30th September of the Assessment Year

To add, the above due dates can be extended by the IT Department via order.

Not sure when to file your ITR?
You can read more about due dates for filing ITR and Belated returns here.
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Not sure when to file your ITR?
You can read more about due dates for filing ITR and Belated returns here.
Read More

Tax Audit Applicability for Sharekhan

Stock Traders trade in shares, securities, commodities and currency through online trading platforms. Additionally, income from trading in Equity Intraday, Equity F&O, Commodity Trading, and Currency Trading is considered as a Business Income. Thus, it is important to determine the applicability of Tax Audit as per the provisions of Income Tax Act.

Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
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Check Tax Audit Applicability u/s 44AB
Check Income Tax Audit applicability u/s 44AB to file Tax Audit Report Form 3CB - 3CD with your Income Tax Return.
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The limit for turnover under Sec 44AB is Rs. 1 Cr. Under Budget 2020, the turnover limit under Sec 44AB has been increased from Rs. 1 Cr to Rs. 5 Cr if the following conditions are satisfied:

  1. Cash Payments do not exceed 5% of the Total Payments in the financial year
    AND
  2. Cash Receipts do not exceed 5% of the Total Receipts in the financial year
Not sure if you need to get your ITR audited?
Read here to understand why and when audit is applicable for traders.
Read More
Not sure if you need to get your ITR audited?
Read here to understand why and when audit is applicable for traders.
Read More

Calculation of Trading Turnover for Sharkehan

Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. It is also important to note that tax liability does not depend on Turnover. The trading turnover should be calculated only when the share trading income is considered as a business income and not when it is considered as capital gains income.

Import Your Trades
File ITR Online

India’s fastest growing Tax Filing Platform

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Import Your Trades

File ITR Online

India’s fastest growing Tax Filing Platform

[Rated 4.8 stars by customers like you]

FAQs

How to download the Tax P&L Statement from the Sharekhan portal?

You can download the Tax P&L Statement from the Sharekhan portal by navigating to Scrip Summary > Equity Scrip Summary (or any other Scrip Summary) section from the dashboard.

Is Trading Turnover the same as Contract Turnover?

No. Trading Turnover is different than Contract Turnover.
Contract Turnover is the sum of the purchase value and sales value. Hence, it is not considered for income tax purposes. Trading Turnover or Business Turnover is the absolute profit; that is the sum of positive and negative differences. This turnover is considered to determine the applicability of the tax audit and the applicable ITR form.

I am a trader. Which ITR Form do I need to file for my Income Tax Return?

Taxpayers having income from trading need to file ITR-2 or ITR-3 based on the nature of income from trading. Therefore, in the case of Capital Gains Income, file ITR-2, and in the case of Business Income, file ITR-3.

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